Ghana Home Loans breaks ground for the 2,000 unit affordable housing project
Ghana’s President Nana Akufo-Addo has led the ceremonial ground-breaking of the first phase of a 2,000-unit affordable housing project financed by Ghana Home Loans at Appolonia City, Accra's new city development.
The multi-million dollar pilot project on six acres of land at Appolonia City will hold a community of 100 semi-detached, detached and terraced units.
Due for completion within 18 months, the development is the first phase in a partnership between Ghana Home Loans, the country's leading mortgage finance provider, and Appolonia City, Greater Accra's new city.
"Appolonia City is a laudable initiative and I want to encourage others to emulate. I'm happy to note that the Appolonia community is a shareholder in the project." said President Akufo-Addo. "The Government I lead is a national cheer leader of the private sector and we should do all we can to provide an enabling environment."
The partnership brings together Ghana Home Loans, which is backed by the Abraaj Group, local promoters, with the International Finance Corporation (IFC) and, the Overseas Private Investment Corporation (OPIC), and Rendeavour, the developer of Appolonia City, which is a unique partnership between the Chiefs, elders and community of the Appolonia stool.
"Appolonia City has a vision to provide superior urban infrastructure, housing and places of work for the people of Ghana," said Stephen Jennings, Founder and CEO of Rendeavour. "This housing project is a major part of fulfilling that vision."
The project will benefit from Appolonia City's high-quality infrastructure, including tarred roads, ICT networking and integrated safety and security systems, as well as social infrastructure, such as schools, clinics, open green space and shops.
Ghana Home Loans will provide flexible financing solutions to enable Ghanaians to acquire their dream homes.
The event was attended by dignitaries from government, the diplomatic corps and key stakeholders from the Ghanaian private sector.
"I want to congratulate Rendeavour for its dedication in making the Appolonia City development a reality," said U.S. Ambassador to Ghana Robert Jackson, speaking at the event. "As Ambassador, one of my priorities is to deepen our commercial engagement in ways that benefit both Ghanaians and Americans. This project does just that. It is an investment in Ghana's future."